High-End Retailer Williams-Sonoma Slammed By Heavy Discounting

Williams-Sonoma lowered full-year guidance today following holiday sales growth that trailed levels seen in 2010 and 2009, sending shares down more than 12%.

The home-goods retailer now expects fourth quarter earnings between $1.05 and $1.10 per share, below $1.15 to $1.20 guidance earlier this year. The company also noted that high promotional activity in its namesake brand, Williams-Sonoma, contributed to the decline.